PHILADELPHIA-Local investor Alex Schwartz heads a partnership that acquired a majority stake in Eight Penn Center at 1628 JFK Blvd. The seller is a partnership headed by New York-based Witkoff Group and includes a joint venture between locally based Waverly Management and New York-based DRA Advisors.

The price of the transaction is undisclosed. According to published reports, it was about $18 million, or approximately $76.60 per sf. A local broker, not involved in the transaction, confirms to that this price is “probably near the mark.” Schwartz did not return calls by deadline.

Doug Joseph and Lizann McGowan, first VPs operating in both the Wayne, PA and local office of CB Richard Ellis, represented the seller. Locally based MS Fox Real Estate represented the buyer.

Joseph tells the property is approximately 70% leased. Among the major tenants are Kroll Lindquist AV, HNTB Corp., and the marketing team for Malvern, PA-based Liberty Property Trust’s planned new Center City office tower.

Eight Penn is a 235,000-sf, 23-story, modern-style building that was completed in 1982. The Witkoff partnership acquired the asset in 1998, and, according to published reports, paid $14 million, or just under $60 per sf. The Schwartz partnership owns the 375,000-sf Land Title Building at the corner of Broad and Chestnut Sts., which is occupied by Tower Records in addition to several office tenants on the upper floors.

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